Figures

Phoenix Office Figures Q3 2026

October 8, 2026 5 Minute Read

Office_AdobeStock_856878611_972x1296

Looking for a PDF of this content?

Download

Fundamentals were strong in Phoenix during Q3 2026. Net absorption was positive for the ninth consecutive quarter, while the average full-service gross (FSG) direct asking lease rate remained at an all-time high. The market also continued to demolish or repurpose obsolete office product, which helped reduce vacancy in tandem with robust tenant demand. Additionally, the development pipeline reached a near standstill, as only 40,000 sq. ft. remained under construction Valley-wide.